Specializing in wireless device security, the LOX Network has created an innovative solution to the global smartphone crime problem. Unfortunately, device related crime is getting worse, with some countries reporting up to an 80 percent increase in thefts in recent years. The current solution of blacklisting stolen phones also does little to deter criminals. But by using LOX’s innovative proof-of-ownership model, smartphone users can better detect and track their devices, and access device data.
The LOX Network runs on a hybrid blockchain and uses a unique dual-NFT model. This model combines both the SmartNFT and the SmartLOX NFTs to bridge a users’ digital and physical ownership of their wireless device.
LOX’s SmartNFT represents the user’s personal details including name and contact information. Then, the LOX Network pairs this to the user’s SmartLOX NFT, securely recording the device make, model, IMEI (International Mobile Equipment Identity), and any other unique identifiers. This bond then forms a proof-of-ownership model that forms the core of LOX’s ecosystem.
According to LOX Network’s Chief Executive Officer Lucas Collins: “‘Our dual token ecosystem will interconnect both the public and private sides of the blockchain. Through this interconnection, our network can not only provide proof of ownership for smartphone users but will connect the physical and virtual world and offer many upcoming features that aren’t currently available.”
Furthermore, the LOX ecosystem uses the LOX token ($LOX) as its native currency. Currently, purchasing this token is the only way to access the LOX Network. $LOX is also part of a reward structure to encourage the return of stolen phones. For instance, users can create bounties for lost and stolen wireless devices, and can also be rewarded in $LOX for returning stolen phones to their rightful owners. Incentivizing the return of lost or stolen phones is a significant step towards remedying the global smartphone crime problem.
Perhaps one of the most anticipated features of LOX is its upcoming security app, enabling users to manage the security, whereabouts, and ownership rights of multiple devices on the go. The app accesses LOXs proof-of-ownership system to give users the power to block and blacklist a device, forward ownership proof to new users, and advertise rewards for the recovery of a lost or stolen device.
Commenting on the upcoming security app, Lucas Collins explained that: “The main purpose of our security app is to make IMEI data available worldwide to absolutely everyone and eliminate data “silos” and powerhouses that govern who can access data and at what cost. We want to make device data universally accessible, as well as giving users the ability to lock, wipe, and backup their device thanks to our decentralized system.”
Currently under development, LOX’s Nano Security Tagging function is an invisible method for tagging and tracing items using innovative microdot technology. Users can tag valuables using microdots and then register them on the LOX Network. Once registered, your undisputed ownership of an item is publicly claimable. This allows lost or stolen devices to be tracked, and the unique microdot LOX tagging identifies it as yours.
When discussing upcoming security tagging, Lucas Collins stated: “Nano tags are very difficult to detect, but even if you could detect them it’s almost impossible to remove a cluster of tags. Potentially only one nano tag will be needed to scan stolen device information straight back onto the blockchain. Our nano security tagging therefore adds another form of device identification.”
The LOX Network is planning new announcements over the next six months, including plans to join the metaverse and give users the opportunity to use their handsets in the virtual world. The LOX security app is set to be announced in early 2022.
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